PoS Operators Directed to Register with CAC

By Blessing Obam, JKNMedia Reporter

ALL Point-of-Sale (PoS) operators in the country have been mandated to register their businesses with Corporate Affairs Commission (CAC) within a two-month period.

This directive was handed down by the Central Bank of Nigeria (CBN) and came following a meeting between Fintechs and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaj (SAN), held on Monday in May 7.

Magaji stated that the two-month timeline for registration, expiring on July 7, was not aimed at targeting any specific groups or individuals but was in accordance with legal requirements and CBN directives.

In the course of the meeting, Magaji highlighted that the decision aligns with Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

He emphasized that the measure is intended to protect the businesses of Fintench’s customers and strengthen the economy.

The agreement between the CAC and Fintech companies aims to ensure compliance with legal regularities. It was formalized during the meeting held in Abuja between Fintech representatives and Hussaini Ishaq Magaji, the Registrar-General of the CAC.

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